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FOMC hiked federal funds rate by 25 basis points, as expected. Kashkari and Evans dissented. Rate statement hasn't changed much. Initial reaction was to sell the dollar, then shorts got squeezed but the dollar looks heavy across the board. Let's see what Janet Yellen has to say on her farewell press conference in a couple of minutes.
al_dcdemo's Blog
U.S. dollar struggles despite some bullish developments
Progress on U.S. tax reform, better than expected GDP revision and Janet Yellen with some hawkish comments have all been welcomed by the dollar bulls. Yet the currency struggled to make any significant headway today. Markets have continuously underestimated Fed's resolve to normalize rates in this cycle.
Kiwi approaches 0.69
Remarks in the speech by the Fed governor Janet Yellen sparked a dollar sell-off across the board. Recent hawkish tones by a number of Fed speakers had markets expecting something a bit less dovish than the latest FOMC statement.
The winner of the day was the Kiwi, which rose 80 pips before the event and about 70 pips afterwards. We can expect some buy stops to be triggered at and above 0.69 but probably plenty of new supply into 0.70.
The winner of the day was the Kiwi, which rose 80 pips before the event and about 70 pips afterwards. We can expect some buy stops to be triggered at and above 0.69 but probably plenty of new supply into 0.70.